The balance of direct investment in 2022 was a deficit of US$6.1 billion, against US$3.2 billion in the previous year, justified mainly by the increase in investments recovered by companies in the oil sector. Since 2015, new investments in the oil sector have been lower than recovered investments. The United States of America, France and Italy were the countries that stood out in terms of the origin of foreign direct investment destined for the oil sector.
The Yetwene Project, an alluvial diamond mine with an extension of 508 square kilometers, located in Lukapa, Lunda-Norte, will begin operating in the coming days, with a production of around 10,000 carats per month, announced Friday 14th April the Chairman of the Board of Directors of Endiama, José Ganga Júnior. With an investment in the prospecting phase of around US$25 million, the project generated a total of 500 jobs. With a 20 percent stake in Endiama, the mine
The National Diamond Company of Angola is evaluating a proposal aimed at installing, in the near future, simulators for training mining operators at the ENDIAMA Technical-Professional Training Centre, located in Saurimo, Lunda Sul. The information was provided, Monday 10th April, in Luanda, by the director of Studies and Projects at the company, Ady Van-Dúnem. The person in charge made it known that the aforementioned equipment allows technicians who will operate an excavator or a bulldozer machine to
Amidst the global pivot towards an energy transition, African nations are seizing this transformative moment to create new and exciting pathways for women to thrive in the energy sector. Kátia Epalanga, Executive Director of Angola’s National Oil Company (NOC), Sonangol, attended a webinar held by the African Energy Chamber’s African Women Business Energy Network (AWBEN), alongside other influential women in the energy sector to address the critical issue of diversity and inclusivity in the industry
Angola started producing oil from the Benfica oilfield in the Cuanza Basin in 1955. Nearly 70 years on, the country has risen to become one of the biggest producers and exporters in Africa, with production hitting an all-time high of two million barrels per day (bpd) in 2010. However, in 2023, production has started to wane as declines in legacy fields continue to reduce national output. In 2023, production averages just above one million bpd, and with
With crude oil production on the rise – increasing by more than 580,000 barrels month-on-month from December 2022 to January 2023 – Angola is aiming to stabilize its output around 1.3 million barrels per day (bpd) in the next three years. Accordingly, the southern African producer has several notable E&P projects that are in progress and awaiting Final Investment Decision (FID), which will serve to maximize its existing hydrocarbon resources, optimize existing facilities and subsea infrastructure and enable cost
Angola is home to significant upstream potential, as demonstrated by the sharp contrast between its proven and estimated reserves: 9 billion versus 57 billion barrels of oil and 11 trillion versus 27 trillion cubic feet of natural gas. Its three major basins – Kwanza-Benguela, Namibe and Lower Congo – hold development opportunities across each stage of the exploration life-cycle, from frontier exploration to mature producing areas. As oil and gas explorers seek prospects with lower
Angola’s hydrocarbon market has seen rapid expansion since initial discoveries of oil and gas in 1955. As global energy majors flocked to the market and the government aligned relevant state actors with the burgeoning industry, progress across the entire energy value chain kicked off. In 2023, the country’s standing as an E&P hub has been solidified even further owing to a variety of reasons from proven resources to attractive investment policies to location. Proven Hydrocarbon
The Republic of Angola and Portugal signed two cooperation agreements focused on budgetary and fiscal matters that will allow the Angolan government to manage its treasury, national and international financing and contract public debt more effectively, and in accordance with the international standards practiced in the European Union. The agreements, signed on Wednesday 5th April by the Minister of Finance of Portugal, Fernando Medina, and his Angolan counterpart, Vera Daves, will see Portugal increase the flow
Construction of the 26,906 MW Luena Solar Energy Park in Angola’s Moxico Province is due for completion by 2024, with the country’s Government having indicated that contractual deadlines will be met. The project, which is 60% completed, is being developed by solar project developer Sun Africa and engineering and technology consulting company, MCA Group, and will cover an area of 0.5km2 in the Samalesso District, Luena City. “The Luena Solar Energy Park will “contribute to improving electricity
